Softbank frees up $8B cash for joint-Saudi fund

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Japan’s Softbank Group has sold a stake in UK chip design firm, Arm Holdings, to fund its investment in in the $100 million technology investment fund with Saudi Arabia, according to theFinancial Times.

The sale of 25 percent of Softbank’s stake, is expected to net the firm $8 billion, all of which will make up part of its $25 billion commitment to the Softbank Vision Fund. The Japanese company bought the stake in Arm six months ago for $32 billion.

The fund was announced in October last year, and is set to become one of the largest private equity funds in the world.

Saudi Arabia’s Public Investment Fund has committed to investing $45 billion, while the newspaper reported that a deal for a $15 billion investment with Abu Dhabi group Mubadala was close.